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McKesson's FoxMeyer purchase $400 mil.-$600 mil. below first bid -- FoxMeyer suit.

This article was originally published in The Tan Sheet

Executive Summary

MCKESSON's FOXMEYER PURCHASE $400-$600 MIL. BELOW FIRST BID, FOXMEYER MAINTAINS in seeking $400 mil. in damages from the wholesaler and 10 drug companies for "a conspiracy of events orchestrated" to drive FoxMeyer's wholesaling business into bankruptcy. In a suit filed Jan. 10 in Dallas state court by holding company FoxMeyer Health, the company alleges that McKesson "led [FoxMeyer] to believe" that it would offer "an amount in the range of $400-$600 mil. for FoxMeyer Health's equity interest in FoxMeyer Corp." in August 1995. FoxMeyer decided to sell off its distribution arm in May 1995.

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